PENSION CRISIS: $48 billion and counting

You've heard about it. You know it's affecting your taxes and leaching money from infrastructure, business development, education and more.

Thanks to a combination of factors, Pennsylvania is in a $41 billion hole as it struggles to sustain its defined-benefit retirement plans. Meanwhile, municipal pension plans have amassed nearly $7 billion in unfunded liabilities.

Lawmakers are talking reform that could affect future retirement benefits — this time with the help of private-sector ideas — but how will they tackle the debt already incurred when the debate heats up in 2013?

In a two-part series, the Business Journal shows you how the state pension crisis came to exist, the reform measures that reflect the current thinking, and what the crisis means — and could mean — to your business.

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Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin County. Have a tip or question for him? Email him at jasons@cpbj.com. Follow him on Twitter, @JScottJournal.
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